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GEONEX INCREASES RESERVES

 ST. PETERSBURG, Fla., Dec. 22 /PRNewswire/ -- Geonex Corporation (NASDAQ: GEOX) announced today that it expects to incur charges of approximately $3.7 million in the fourth quarter due to the re- engineering program announced previously. The company has added significant reserves for the closure of certain operations as well as the finalization of several contracts. The company expects a loss in the range of $4.20 to $4.50 per share for the fiscal year.
 The company recently renegotiated its lines of credit with its major lenders in the U.S., Canada and the United Kingdom.
 Demand for mapping services declined as a result of the economic climate, adversely impacting revenues and earnings.
 To improve production efficiencies and reduce overhead and administrative expenditures, Geonex has re-engineered into Strategic Business Units (SBUs) which reflect the firm's major markets. The SBUs were formed to focus resources toward particular market segments such as Automated Mapping/Facilities Management for utilities, Geographic Information Systems for municipalities, and Geophysics for the oil, gas and mineral industries. By assembling specialized clusters of expertise, Geonex brings a higher level of service and efficiency to its client base.
 During the current quarter, Geonex has been awarded contracts in excess of $10 million to provide mapping services for the Department of Interior, Department of Defense, Department of State and the British Ordnance Survey.
 Geonex, based in St. Petersburg, Fla., is the world's largest commercial supplier of digital maps and maps utilizing advanced photo and image interpretation. Digital mapping data bases created by Geonex allow telephone, electric, gas and water utilities to combine detailed engineering records with geographic information to facilitate the design, construction, management and maintenance of their physical assets. Geonex also offers laboratory analysis of air and water quality, and hazardous site surveying.
 -0- 12/22/92
 /CONTACT: H.A. Moshell of Geonex Corporation, 813-823-3300/
 (GEOX)


CO: Geonex Corporation ST: Florida IN: SU:

AW-XX -- FL016 -- 9332 12/22/92 17:46 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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